General Affairs
55,000 Indian Villages Don't Have Mobile Coverage: Manoj Sinha
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NEW DELHI: There are about 55,000 villages in India that do not have mobile coverage with the highest number of such locations in the state of Odisha, Parliament was informed today.
"It is estimated that there are about 55,000 villages in the country that do not have mobile coverage. Mobile coverage to these uncovered villages is likely to be provided in a phased manner, subject to availability of financial resources," Minister of State for Communications Manoj Sinha said in a written reply to Rajya Sabha.
He added that the government has prioritised provision of mobile services in Left Wing Extremism (LWE) affected area, North eastern states, Islands and Himalayan states (Jammu and Kashmir, Uttarakhand and Himachal Pradesh) in the first phase.
Odisha had the highest number of uncovered villages at 10,398, followed by Jharkhand (5,949 villages), Madhya Pradesh (5,926), Chattisgarh (4,041) and Andhra Pradesh (3,812), Karnataka, Kerala and Puducherry had no villages that weren't covered by mobile services.
The Minister said 5,81,183 out of 5,93,601 inhabited villages (97.9 per cent) of the country as per Census 2011 have been provided with Village Public Telephones (VPTs) with financial support from Universal Service Obligation Fund (USOF).
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He added that a total of Rs. 76,403.7 has been collected under Universal Access levy (UAL), while Rs. 31,147.19 crore has been allocated and disbursed through USOF as on June 30, 2016.
In a separate reply, Mr Sinha said of the targetted 400 new Branch Post Offices set for the current plan period, 344 have been opened by redeployment and relocation during the period from 2012-13 to 2015-16.
"The target for opening of Branch Post Offices during current financial year 2016-17 is 93," he said adding that no target has been set for the current plan period for upgradation of Branch Post Offices.
"It is estimated that there are about 55,000 villages in the country that do not have mobile coverage. Mobile coverage to these uncovered villages is likely to be provided in a phased manner, subject to availability of financial resources," Minister of State for Communications Manoj Sinha said in a written reply to Rajya Sabha.
He added that the government has prioritised provision of mobile services in Left Wing Extremism (LWE) affected area, North eastern states, Islands and Himalayan states (Jammu and Kashmir, Uttarakhand and Himachal Pradesh) in the first phase.
The Minister said 5,81,183 out of 5,93,601 inhabited villages (97.9 per cent) of the country as per Census 2011 have been provided with Village Public Telephones (VPTs) with financial support from Universal Service Obligation Fund (USOF).
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He added that a total of Rs. 76,403.7 has been collected under Universal Access levy (UAL), while Rs. 31,147.19 crore has been allocated and disbursed through USOF as on June 30, 2016.
In a separate reply, Mr Sinha said of the targetted 400 new Branch Post Offices set for the current plan period, 344 have been opened by redeployment and relocation during the period from 2012-13 to 2015-16.
"The target for opening of Branch Post Offices during current financial year 2016-17 is 93," he said adding that no target has been set for the current plan period for upgradation of Branch Post Offices.
22 Bodies Recovered From Maharashtra's Raigad, Where A Bridge Collapsed
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Twenty-two bodies have been recovered in Raigad, where a bridge collapsed on Wednesday. Of the deceased, 21 have been identified.
The 50-foot British era bridge on the Mumbai-Goa highway on Mahad town was washed away as the Savitri river swelled after heavy rains.
Two passenger buses and four private cars were believed to have been washed away in the dead of the night. The buses had started from Mumbai with 11 passengers each.
The search operations have been running for the last three days.
A lawmaker said in parliament that two years ago, British officials had warned Maharashtra that the bridge is too old and should be closed to public. The bridge had trees growing on it.
The National Disaster Relief Force has been working on a war footing in the flood-hit district of western Maharashtra to rescue the people who have been trapped by the waters from Savitri river.
Since last week, there has been incessant rains in parts of coastal Konkan, northern and western Maharashtra.
The 50-foot British era bridge on the Mumbai-Goa highway on Mahad town was washed away as the Savitri river swelled after heavy rains.
Two passenger buses and four private cars were believed to have been washed away in the dead of the night. The buses had started from Mumbai with 11 passengers each.
The search operations have been running for the last three days.
A lawmaker said in parliament that two years ago, British officials had warned Maharashtra that the bridge is too old and should be closed to public. The bridge had trees growing on it.
The National Disaster Relief Force has been working on a war footing in the flood-hit district of western Maharashtra to rescue the people who have been trapped by the waters from Savitri river.
Since last week, there has been incessant rains in parts of coastal Konkan, northern and western Maharashtra.
GST Bill Approval Adds Impetus To Indian Economy: Chinese Media
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BEIJING: Describing the passage of the GST Bill in Parliament as a major boost to India's appeal to attract investments from multi-national and Chinese firms, China's official media today said it will add momentum to the Indian economy - one of the world's fastest growing economies.
The long-awaited tax reform plan "could certainly boost India's appeal to multinationals, including Chinese firms, as a myriad of existing federal, state and interstate levies in the country had previously increased their tax burdens and barred them from further exploring potentials in the world's fastest-growing major economy", the state-run Global Times said in an article.
"China is more likely to see this reform, which aims to make India a better destination for investment, as an opportunity rather than a threat," it said, adding that China will be happy to see the reforms go through and will be willing to work with India to make it a reality.
"Chinese companies are certainly welcoming the move. Along with other restrictions, the country's complicated and cumbersome taxation system as well as bureaucracy related to tax-collection remains a hurdle for Chinese firms doing business in India," it said.
"While the reform is seen as a landmark move to transform India's USD two trillion economy into a true common market and bring it closer in line with the international market, whether these benefits will materialise will be a test of the Modi government's ability and political wisdom to push the reform through. An effective implementation of the unified tax is also vital to help India truly transform into a manufacturing powerhouse," it said.Although details on how the Goods and Services Tax (GST) will be levied are yet to be worked out, the new system could help reduce taxes on goods transferred across the country and boost economic growth if it is given a green light from the national parliament and Indian states, it said.
"The move is both politically and economically significant. Politically, it showed that the Modi government can compromise to get reforms made in the national interest.
It could boost Prime Minister Narendra Modi's political legacy and gives him a better chance at a second term," it said. "Most importantly, it could add momentum to the world's already fastest growing economy. According to HSBC estimates, the reform will add 0.8 percentage points to the country's growth within three to five years," it said.
"With 1.3 billion consumers, India's market has great potential. However, under the complicated tax system and perception of a challenging investment environment for foreign companies, India's potential is far from fully tapped. A well-designed GST could transform India into a more liberalised market and the second largest consumer market in Asia," it said.
The long-awaited tax reform plan "could certainly boost India's appeal to multinationals, including Chinese firms, as a myriad of existing federal, state and interstate levies in the country had previously increased their tax burdens and barred them from further exploring potentials in the world's fastest-growing major economy", the state-run Global Times said in an article.
"China is more likely to see this reform, which aims to make India a better destination for investment, as an opportunity rather than a threat," it said, adding that China will be happy to see the reforms go through and will be willing to work with India to make it a reality.
"Chinese companies are certainly welcoming the move. Along with other restrictions, the country's complicated and cumbersome taxation system as well as bureaucracy related to tax-collection remains a hurdle for Chinese firms doing business in India," it said.
"While the reform is seen as a landmark move to transform India's USD two trillion economy into a true common market and bring it closer in line with the international market, whether these benefits will materialise will be a test of the Modi government's ability and political wisdom to push the reform through. An effective implementation of the unified tax is also vital to help India truly transform into a manufacturing powerhouse," it said.Although details on how the Goods and Services Tax (GST) will be levied are yet to be worked out, the new system could help reduce taxes on goods transferred across the country and boost economic growth if it is given a green light from the national parliament and Indian states, it said.
"The move is both politically and economically significant. Politically, it showed that the Modi government can compromise to get reforms made in the national interest.
It could boost Prime Minister Narendra Modi's political legacy and gives him a better chance at a second term," it said. "Most importantly, it could add momentum to the world's already fastest growing economy. According to HSBC estimates, the reform will add 0.8 percentage points to the country's growth within three to five years," it said.
"With 1.3 billion consumers, India's market has great potential. However, under the complicated tax system and perception of a challenging investment environment for foreign companies, India's potential is far from fully tapped. A well-designed GST could transform India into a more liberalised market and the second largest consumer market in Asia," it said.
Prakash Javadekar Justifies Closure Of IIIT Amethi
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NEW DELHI: A day after Congress uproar over shutting down of institutions in Amethi and Rae Bareli, HRD Minister Prakash Javadekar today justified the closure of Indian Institute of Information Technology (IIIT) in Amethi saying law did not permit off-campus centres and it was technically illegal.
In the Rajya Sabha, Mr Javadekar said he wanted to respond to the issue of closure of IIIT, Amethi raised by some members yesterday and asserted that there was "no political vendetta". IIIT, Amethi was sanctioned in 2005 and courses started in 2005-06. This was a full-fledged IIIT, but an off-campus facility of IIIT in Allahabad.
"Law does not permit off-campus centres of IIITs," he said, adding that the one in Amethi, called Rajiv Gandhi IIIT, was "technically illegal". The campus had one permanent facility and one faculty would travel daily from Allahabad. "Students were unhappy and wanted all faculties to be present there," he said, adding that the students were agitating and wanted to be transferred to Allahabad.
A review by IIT Kanpur had also concluded that the students should be transferred to IIIT Allahabad.
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"There is no political vendetta. It is the students who are starving for education," he said justifying the closure.
Students had on July 29 gheraoed the Allahabad IIIT faculty and demanded proper education as Amethi campus did not have permanent faculty and they had to rely on one teacher travelling from Allahabad to teach four classes, he said.
Pramod Tiwari (Cong) said if there was any legal lacunae why did the government not overcome it in two years it has been in office.
The BJP government, he alleged, has "political vendetta" in shutting down six institutes and factories in the Lok Sabha constituencies of Congress president Sonia Gandhi and vice president Rahul Gandhi.
He said it was the employees of IIIT Amethi which was on agitation against closure.
Mr Javadekar replied saying a general science college of Dr Ambedkar University, Lucknow is being started in Amethi and the employees will be accommodated there. He said in sanctioning Kendriya Vidyalayas after taking over as HRD Minister, he had sanctioned one for Rae Bareli, asserting "we work on merit".
Deputy Chairman P J Kurien told the minister that the Congress member was asking the government to look into any legal and technical lacunae in the Amethi IIIT campus.
In the Rajya Sabha, Mr Javadekar said he wanted to respond to the issue of closure of IIIT, Amethi raised by some members yesterday and asserted that there was "no political vendetta". IIIT, Amethi was sanctioned in 2005 and courses started in 2005-06. This was a full-fledged IIIT, but an off-campus facility of IIIT in Allahabad.
"Law does not permit off-campus centres of IIITs," he said, adding that the one in Amethi, called Rajiv Gandhi IIIT, was "technically illegal". The campus had one permanent facility and one faculty would travel daily from Allahabad. "Students were unhappy and wanted all faculties to be present there," he said, adding that the students were agitating and wanted to be transferred to Allahabad.
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"There is no political vendetta. It is the students who are starving for education," he said justifying the closure.
Students had on July 29 gheraoed the Allahabad IIIT faculty and demanded proper education as Amethi campus did not have permanent faculty and they had to rely on one teacher travelling from Allahabad to teach four classes, he said.
Pramod Tiwari (Cong) said if there was any legal lacunae why did the government not overcome it in two years it has been in office.
The BJP government, he alleged, has "political vendetta" in shutting down six institutes and factories in the Lok Sabha constituencies of Congress president Sonia Gandhi and vice president Rahul Gandhi.
He said it was the employees of IIIT Amethi which was on agitation against closure.
Mr Javadekar replied saying a general science college of Dr Ambedkar University, Lucknow is being started in Amethi and the employees will be accommodated there. He said in sanctioning Kendriya Vidyalayas after taking over as HRD Minister, he had sanctioned one for Rae Bareli, asserting "we work on merit".
Deputy Chairman P J Kurien told the minister that the Congress member was asking the government to look into any legal and technical lacunae in the Amethi IIIT campus.
Forest Fires: Green Pannel Asks UP, Uttarakhand To Submit Management Plan
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NEW DELHI: The National Green Tribunal has directed Uttar Pradesh and Uttarakhand governments to submit crisis management plan for prevention and control of forest fires to the Ministry of Environment and Forests (MoEF) within two weeks.
A bench headed by NGT Chairperson Justice Swatanter Kumar took exception to the fact that that the issue of management plan was pending since 2010 and directed the MoEF to file the details of states which have not submitted the management plan on forest fires.
"We direct that states of Uttar Pradesh and Uttarakhand shall submit to the MoEF the crisis management plan for forest fires preventions and control prepared by them within two weeks....
"We direct MoEF to file the details of the states which have not responded to their reminder and have not submitted the crisis management plan in relation to protection and controlling of forest fire," the bench, also comprising Justice R S Rathore, said.
It also directed the governments to state the causes of such fires which they have found as a result of their studies and the action plan which they have prepared.
"We make it clear that in the event of default, the MoEF and both the states would be liable to pay heavy costs which will not less than Rs. 50,000," it said while hearing a plea filed by senior advocate Rajiv Dutta against the massive forest fires in the hill areas.
The matter is now listed for hearing on September 27.
Voicing concern over forest fires raging in Uttarakhand and Himachal Pradesh, the tribunal had said it was shocked that everybody was taking the issue "so casually" and issued show cause notices to both the states.
The green panel had also directed them to inform it about the preventive steps taken by them prior to the fire incident and also about the forest management plans.
Massive forest fires had engulfed a large part of areas in Uttarakhand and Himachal Pradesh in May.
A bench headed by NGT Chairperson Justice Swatanter Kumar took exception to the fact that that the issue of management plan was pending since 2010 and directed the MoEF to file the details of states which have not submitted the management plan on forest fires.
"We direct that states of Uttar Pradesh and Uttarakhand shall submit to the MoEF the crisis management plan for forest fires preventions and control prepared by them within two weeks....
It also directed the governments to state the causes of such fires which they have found as a result of their studies and the action plan which they have prepared.
"We make it clear that in the event of default, the MoEF and both the states would be liable to pay heavy costs which will not less than Rs. 50,000," it said while hearing a plea filed by senior advocate Rajiv Dutta against the massive forest fires in the hill areas.
The matter is now listed for hearing on September 27.
Voicing concern over forest fires raging in Uttarakhand and Himachal Pradesh, the tribunal had said it was shocked that everybody was taking the issue "so casually" and issued show cause notices to both the states.
The green panel had also directed them to inform it about the preventive steps taken by them prior to the fire incident and also about the forest management plans.
Massive forest fires had engulfed a large part of areas in Uttarakhand and Himachal Pradesh in May.
Business Affairs
Five factors why Sensex jumped 364 points to reclaim 28,000
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The domestic market witnessed a smart rally on Friday thanks to a couple of domestic and global cues. The S&P BSE Sensex jumped 364 points after to reclaim its crucial psychological level of 28,000, while the broader Nifty50 ended above its key 8,680-mark.
Below are five factors that may have pushed market higher in Friday's trade:
1) GST boost
Sentiment remained positive supported by the passage of long-awaited "game-changing" Goods and Services Tax (GST) bill on Wednesday. The landmark reform is expected to benefit sectors like FMCG (excluding cigarettes and jewelry), autos, cement, light electricals, multiplexes, retail and logistics.
Mr Motilal Oswal, CMD, Motilal Oswal Financial Services said he is very bullish on scrip called India now that the GST will soon become a reality.
"It is a historic, transformational and a game changing move, now the whole world would like to participate in the Indian growth story. Feeling bullish," said Oswal, adding GST holds the potential to boost economic activity substantially, improve the government's revenue, and help achieve better transmission of prices.
2) Global markets surge on BoE stimulus
The Bank of England's stimulus plan lifted British equities to one-year highs on Friday. Asian markets also edged higher. The BoE cut interest rates to next to nothing and unleashed billions of pounds of stimulus to cushion against the impact of Britain's vote to exit the European Union.
3) Rajan might be going, his inflation target won't
The government on Friday formally implemented its central inflation target of 4 per cent for the next five years, an important confirmation of the inflation-fighting policies championed by Reserve Bank of India (RBI) Governor Raghuram Rajan, who steps down next month.
State finance minister Arjun Ram Meghwal tabled a notification in Rajya Sabha that confirmed the target at 4 per cent, plus or minus 2 per cent, in line with the goal the government originally agreed with Rajan.
4) Market movement on technical charts
On the technical charts, the markets have been making higher tops. On Thursday, daily candles formed a hammer pattern indicating a bullish short term reversal might be on the anvil.
"Technically markets still remain in a overall uptrend, we would recommend a wait and watch approach at this point, in lieu of a spike in volatility we foresee forthwith," said Nikhil Kamath, Co-Founder & Director, Zerodha.
5) US jobs data awaited
Global markets will focus on US non-farm payrolls data due later in the day. A Reuters poll predicts the world's largest economy added 180,000 jobs in July. Coming a week after surprisingly tepid US second-quarter growth numbers, the data will be scrutinised by markets eager to gauge the likely timing of the next US rate rise.
The domestic market witnessed a smart rally on Friday thanks to a couple of domestic and global cues. The S&P BSE Sensex jumped 364 points after to reclaim its crucial psychological level of 28,000, while the broader Nifty50 ended above its key 8,680-mark.
Below are five factors that may have pushed market higher in Friday's trade:
1) GST boost
Sentiment remained positive supported by the passage of long-awaited "game-changing" Goods and Services Tax (GST) bill on Wednesday. The landmark reform is expected to benefit sectors like FMCG (excluding cigarettes and jewelry), autos, cement, light electricals, multiplexes, retail and logistics.
Mr Motilal Oswal, CMD, Motilal Oswal Financial Services said he is very bullish on scrip called India now that the GST will soon become a reality.
"It is a historic, transformational and a game changing move, now the whole world would like to participate in the Indian growth story. Feeling bullish," said Oswal, adding GST holds the potential to boost economic activity substantially, improve the government's revenue, and help achieve better transmission of prices.
2) Global markets surge on BoE stimulus
The Bank of England's stimulus plan lifted British equities to one-year highs on Friday. Asian markets also edged higher. The BoE cut interest rates to next to nothing and unleashed billions of pounds of stimulus to cushion against the impact of Britain's vote to exit the European Union.
3) Rajan might be going, his inflation target won't
The government on Friday formally implemented its central inflation target of 4 per cent for the next five years, an important confirmation of the inflation-fighting policies championed by Reserve Bank of India (RBI) Governor Raghuram Rajan, who steps down next month.
State finance minister Arjun Ram Meghwal tabled a notification in Rajya Sabha that confirmed the target at 4 per cent, plus or minus 2 per cent, in line with the goal the government originally agreed with Rajan.
4) Market movement on technical charts
On the technical charts, the markets have been making higher tops. On Thursday, daily candles formed a hammer pattern indicating a bullish short term reversal might be on the anvil.
"Technically markets still remain in a overall uptrend, we would recommend a wait and watch approach at this point, in lieu of a spike in volatility we foresee forthwith," said Nikhil Kamath, Co-Founder & Director, Zerodha.
5) US jobs data awaited
Global markets will focus on US non-farm payrolls data due later in the day. A Reuters poll predicts the world's largest economy added 180,000 jobs in July. Coming a week after surprisingly tepid US second-quarter growth numbers, the data will be scrutinised by markets eager to gauge the likely timing of the next US rate rise.
Global markets will focus on US non-farm payrolls data due later in the day. A Reuters poll predicts the world's largest economy added 180,000 jobs in July. Coming a week after surprisingly tepid US second-quarter growth numbers, the data will be scrutinised by markets eager to gauge the likely timing of the next US rate rise.
Govt pegs inflation target at 4%, cementing Raghuram Rajan's legacy
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The government on Friday formally implemented its central inflation target of 4 per cent for the next five years, an important confirmation of the inflation-fighting policies championed by Reserve Bank of India (RBI) Governor Raghuram Rajan, who steps down next month.
State finance minister Arjun Ram Meghwal tabled a notification in Rajya Sabha that confirmed the target at 4 per cent, plus or minus 2 per cent, in line with the goal the government originally agreed with Rajan.
Candidates are also being shortlisted for the six-member monetary policy committee (MPC), a senior government official said earlier, but the panel was unlikely to be formed in time for next Tuesday's RBI policy meeting.
"All I can say is that we are currently shortlisting candidates (for the MPC). And it won't get formed before the August 9 policy," the official told Reuters, requesting anonymity, adding it may be in place in time for Rajan's departure.
Rajan, a former International Monetary Fund chief economist highly regarded by financial markets, will step down on September 4 after three years at the helm of the RBI during which his policies helped to cut inflation in half.
He dropped a bombshell in June by announcing he would not seek a second term, but has sought to cement his legacy by completing the shift to formal inflation targeting and staffing up the six-member MPC before he steps down.
Some senior economists, including Rajan's predecessor at the RBI Duvvuri Subbarao, have urged India not to fixate on an inflation target given the need to ensure growth and financial stability.
Intense speculation persists over the identity of Rajan's successor. Although the field has narrowed, officials in Prime Minister Narendra Modi's office have not confirmed whether any announcement is imminent.
The government on Friday formally implemented its central inflation target of 4 per cent for the next five years, an important confirmation of the inflation-fighting policies championed by Reserve Bank of India (RBI) Governor Raghuram Rajan, who steps down next month.
State finance minister Arjun Ram Meghwal tabled a notification in Rajya Sabha that confirmed the target at 4 per cent, plus or minus 2 per cent, in line with the goal the government originally agreed with Rajan.
Candidates are also being shortlisted for the six-member monetary policy committee (MPC), a senior government official said earlier, but the panel was unlikely to be formed in time for next Tuesday's RBI policy meeting.
"All I can say is that we are currently shortlisting candidates (for the MPC). And it won't get formed before the August 9 policy," the official told Reuters, requesting anonymity, adding it may be in place in time for Rajan's departure.
Rajan, a former International Monetary Fund chief economist highly regarded by financial markets, will step down on September 4 after three years at the helm of the RBI during which his policies helped to cut inflation in half.
He dropped a bombshell in June by announcing he would not seek a second term, but has sought to cement his legacy by completing the shift to formal inflation targeting and staffing up the six-member MPC before he steps down.
Some senior economists, including Rajan's predecessor at the RBI Duvvuri Subbarao, have urged India not to fixate on an inflation target given the need to ensure growth and financial stability.
Intense speculation persists over the identity of Rajan's successor. Although the field has narrowed, officials in Prime Minister Narendra Modi's office have not confirmed whether any announcement is imminent.
This city ranked most expensive in India
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For Indian travellers, Mumbai has been ranked the most expensive city in the country, but second least expensive in the world, according to a report.
The financial capital of the country, Mumbai has been ranked the most expensive city in India, however, it is the second least expensive destination in the world to visit after Hanoi, according to TripAdvisor's sixth edition of annual TripIndex Cities.
Overall, the report revealed that New York (US), the most expensive city internationally for a three-day break for Indians will cost Rs 1,24,201, which is over three times costly than Mumbai, the most expensive city in India.
Capetown in South Africa has been ranked third globally least expensive city to visit followed by Kuala Lumpur (Malaysia), Bangkok (Thailand) and Moscow (Russia).
TripAdvisor's sixth edition of annual TripIndex Cities compares the cost of a three-night break during the summer travel from June-September in 27 key cities around the world.
Conducted by independent research firm TNS, TripIndex Cities also includes eight Indian cities, including New Delhi, Mumbai, Bengaluru, Chennai, Kolkata, Hyderabad, Pune, Jaipur, taking into account in-destination costs for two people.
These include-a four-star hotel for three nights, a visit to three attractions, lunch each day, a taxi to and from dinner each day, plus the cost of dinner itself, the report said.
In India, Pune in Maharashtra is the lowest cost destination at Rs 26,595, followed by Jaipur, Chennai, Kolkata and Bangalore, the report revealed.
"Our research of booking rates on TripAdvisor shows that it is possible to budget for a full trip to Pune for little more than the average cost of accommodation in Mumbai over the same dates. Such information helps travellers assess the various aspects of their trip before going ahead and making the final booking," TripAdvisor India Country Manager Nikhil Ganju said.
Globally when it come to eating out, Tokyo has emerged the most expensive city at Rs 40,587, which is almost three times the cost of Hyderabad that is the costliest in India at Rs 13,668.
In transport, the report revealed that Tokyo, which has the most expensive taxi ride at Rs 7,736 is six times more than the cost in New Delhi (Rs 1,224) and more than 12 times in Mumbai (Rs 628).
At the same time, New Delhi, which has the most expensive taxi fares in India is two-three times more expensive than the cost of taxi rides in international cities like Hanoi, Kuala Lumpur, Bangkok, Moscow and Bali.
For Indian travellers, Mumbai has been ranked the most expensive city in the country, but second least expensive in the world, according to a report.
The financial capital of the country, Mumbai has been ranked the most expensive city in India, however, it is the second least expensive destination in the world to visit after Hanoi, according to TripAdvisor's sixth edition of annual TripIndex Cities.
Overall, the report revealed that New York (US), the most expensive city internationally for a three-day break for Indians will cost Rs 1,24,201, which is over three times costly than Mumbai, the most expensive city in India.
Capetown in South Africa has been ranked third globally least expensive city to visit followed by Kuala Lumpur (Malaysia), Bangkok (Thailand) and Moscow (Russia).
TripAdvisor's sixth edition of annual TripIndex Cities compares the cost of a three-night break during the summer travel from June-September in 27 key cities around the world.
Conducted by independent research firm TNS, TripIndex Cities also includes eight Indian cities, including New Delhi, Mumbai, Bengaluru, Chennai, Kolkata, Hyderabad, Pune, Jaipur, taking into account in-destination costs for two people.
These include-a four-star hotel for three nights, a visit to three attractions, lunch each day, a taxi to and from dinner each day, plus the cost of dinner itself, the report said.
In India, Pune in Maharashtra is the lowest cost destination at Rs 26,595, followed by Jaipur, Chennai, Kolkata and Bangalore, the report revealed.
"Our research of booking rates on TripAdvisor shows that it is possible to budget for a full trip to Pune for little more than the average cost of accommodation in Mumbai over the same dates. Such information helps travellers assess the various aspects of their trip before going ahead and making the final booking," TripAdvisor India Country Manager Nikhil Ganju said.
Globally when it come to eating out, Tokyo has emerged the most expensive city at Rs 40,587, which is almost three times the cost of Hyderabad that is the costliest in India at Rs 13,668.
In transport, the report revealed that Tokyo, which has the most expensive taxi ride at Rs 7,736 is six times more than the cost in New Delhi (Rs 1,224) and more than 12 times in Mumbai (Rs 628).
At the same time, New Delhi, which has the most expensive taxi fares in India is two-three times more expensive than the cost of taxi rides in international cities like Hanoi, Kuala Lumpur, Bangkok, Moscow and Bali.
Rupee strengthens 14 paise at 66.77 on capital inflows
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The rupee strengthened further by 14 paise to end at 66.77 against the US currency on the back of sustained dollar selling by exporters amid weak overseas tone.
Robust FII inflows into the equities and debt predominantly supported the domestic currency to sustain its momentum for the second consecutive day.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 435.65 crore today, as per provisional data from the stock exchanges.
A breathtaking rally in domestic equities, supported by buoyant global sentiment following the BoE's decision to ease its monetary policy also provided added momentum to the rupee, a forex dealer commented.
Foreign inflows are likely increase on the back of improved sentiment for reforms after the passage of the Constitution Amendment bill on GST by the Rajya Sabha, the dealer added.
The domestic currency was further supported by unwinding of long-dollar positions by speculators. The greenback largely traded little changed against all its major currencies.
Maintaining its strong edge against the dollar, the home unit resumed higher at 66.85 from last closing value of 66.91 at the Interbank Foreign Exchange (Forex) market.
After falling back briefly to 66.8925 in late morning trade, rupee recouped smartly to hit a fresh intra-day high of 66.7450 towards the fag-end trade before ending at 66.77, revealing a sound gain of 14 paise, or 0.21 per cent.
It has gained 22 paise in two-days.
The US dollar index are trading lower by 0.22 per cent at 95.55 in early trade.
Meanwhile, the RBI fixed the reference rate for the dollar at 66.8141 and euro at 74.4510.
In cross-currency trades, the rupee softened against the pound sterling to settle at 87.95 from 87.94 and also eased against the Japanese yen to end at 66.05 per 100 yens as compared to 66.01 on Thursday.
The domestic unit, however firmed up against the euro to close at 74.32 from 74.42 earlier.
In the forward market, premium for dollar continued to drift owing to consistent receivings from exporters.
The benchmark six-month premium for January 2017 eased to 191-193 paise from 192.5-194.5 paise and far forward July 2017 contract also edged down to 388-390 paise as compared to 390.5-392.5 paise previously.
In the meantime, the flagship benchmark BSE Sensex rose 363.98 points to end at 28,078.35, while broader Nifty jumped 132.05 points to 8,683.15.
The rupee strengthened further by 14 paise to end at 66.77 against the US currency on the back of sustained dollar selling by exporters amid weak overseas tone.
Robust FII inflows into the equities and debt predominantly supported the domestic currency to sustain its momentum for the second consecutive day.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 435.65 crore today, as per provisional data from the stock exchanges.
A breathtaking rally in domestic equities, supported by buoyant global sentiment following the BoE's decision to ease its monetary policy also provided added momentum to the rupee, a forex dealer commented.
Foreign inflows are likely increase on the back of improved sentiment for reforms after the passage of the Constitution Amendment bill on GST by the Rajya Sabha, the dealer added.
The domestic currency was further supported by unwinding of long-dollar positions by speculators. The greenback largely traded little changed against all its major currencies.
Maintaining its strong edge against the dollar, the home unit resumed higher at 66.85 from last closing value of 66.91 at the Interbank Foreign Exchange (Forex) market.
After falling back briefly to 66.8925 in late morning trade, rupee recouped smartly to hit a fresh intra-day high of 66.7450 towards the fag-end trade before ending at 66.77, revealing a sound gain of 14 paise, or 0.21 per cent.
It has gained 22 paise in two-days.
The US dollar index are trading lower by 0.22 per cent at 95.55 in early trade.
Meanwhile, the RBI fixed the reference rate for the dollar at 66.8141 and euro at 74.4510.
In cross-currency trades, the rupee softened against the pound sterling to settle at 87.95 from 87.94 and also eased against the Japanese yen to end at 66.05 per 100 yens as compared to 66.01 on Thursday.
The domestic unit, however firmed up against the euro to close at 74.32 from 74.42 earlier.
In the forward market, premium for dollar continued to drift owing to consistent receivings from exporters.
The benchmark six-month premium for January 2017 eased to 191-193 paise from 192.5-194.5 paise and far forward July 2017 contract also edged down to 388-390 paise as compared to 390.5-392.5 paise previously.
In the meantime, the flagship benchmark BSE Sensex rose 363.98 points to end at 28,078.35, while broader Nifty jumped 132.05 points to 8,683.15.
Government extends minimum import price on steel till October, trims list to 66
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The government has extended minimum import price (MIP) on steel, first imposed in February to provide relief to domestic producers battered by rising imports from China, Korea and Japan, by two more months but has trimmed the list of applicable items from 173 to just 66 items.
In February, the government had imposed MIP that was valid for 6 months and lapsed on Thursday. The directorate general of foreign trade issued the notification. "MIP for 66 steel products under chapter 72 of ITC (HS) 2012, has been extended till October 4," said Anup Wadhawan, director general of foreign trade.
The MIP ranges between $341-752 per tonne and has been instrumental in curbing steel imports in the country. Imports had grown over 20 per cent in FY2015/16 following an even more staggering 71 per cent growth in 2014/15. But in the first quarter of 2016/17, imports declined by over 30 per cent - steepest in over a decade - to under 1.8 million tonnes.
The extension saw a spurt in the shares of all major primary steel producers in the country. Shares of India's largest steel maker Steel Authority of India was trading at Rs 48.20, up 2.99 per cent at 2:30 pm at the Bombay Stock Exchange. Tata Steel's share prices were up 1.95 per cent at Rs 381.35 while shares of JSW steel and Jindal Steel and Power Limited were up 1.54 and 0.98 per cent respectively.
Wadhawan said the government trimmed the list as it was felt only 66 items that includes semi-finished products of iron or non-alloyed steel, flat rolled products, bars and rods, required protection from imports at this point of time. The government had already initiated anti-dumping duty investigations on a host of steel items. Industry experts said minimum import price has been used only as a stop gap arrangement till the WTO compatible anti-dumping duty is imposed in the sector.
The imposition of MIP, however, has caused much discomfort with the countries that had been exporting to India. Many of them led by Japan have threatened to drag into to WTO for non compliance.
"Japan has carefully watched the moves of the Indian competent authority concerning this issue (safeguard measures on hot rolled steel), since it initiated the investigation in September 2015, and has submitted government opinion letter, had bilateral consultations, and participated in a public hearing," says a report by Japanese industry ministry MIET on June 9.
"Japan suggested the possible violation of the WTO Agreement of the relevant safeguard measures and requested appropriate determination in the investigation. Japan will continuously make requests to India to ensure consistency of their measures with WTO Agreements," the report adds.
At a time when global steel industry is straddled with excess capacity all around, India has been only major country where consumption is rising and offers a readymade market to park that excess capacity. Any measure to thwart imports like MIP, does not go down well with the rest of the world.
The government has extended minimum import price (MIP) on steel, first imposed in February to provide relief to domestic producers battered by rising imports from China, Korea and Japan, by two more months but has trimmed the list of applicable items from 173 to just 66 items.
In February, the government had imposed MIP that was valid for 6 months and lapsed on Thursday. The directorate general of foreign trade issued the notification. "MIP for 66 steel products under chapter 72 of ITC (HS) 2012, has been extended till October 4," said Anup Wadhawan, director general of foreign trade.
The MIP ranges between $341-752 per tonne and has been instrumental in curbing steel imports in the country. Imports had grown over 20 per cent in FY2015/16 following an even more staggering 71 per cent growth in 2014/15. But in the first quarter of 2016/17, imports declined by over 30 per cent - steepest in over a decade - to under 1.8 million tonnes.
The extension saw a spurt in the shares of all major primary steel producers in the country. Shares of India's largest steel maker Steel Authority of India was trading at Rs 48.20, up 2.99 per cent at 2:30 pm at the Bombay Stock Exchange. Tata Steel's share prices were up 1.95 per cent at Rs 381.35 while shares of JSW steel and Jindal Steel and Power Limited were up 1.54 and 0.98 per cent respectively.
Wadhawan said the government trimmed the list as it was felt only 66 items that includes semi-finished products of iron or non-alloyed steel, flat rolled products, bars and rods, required protection from imports at this point of time. The government had already initiated anti-dumping duty investigations on a host of steel items. Industry experts said minimum import price has been used only as a stop gap arrangement till the WTO compatible anti-dumping duty is imposed in the sector.
The imposition of MIP, however, has caused much discomfort with the countries that had been exporting to India. Many of them led by Japan have threatened to drag into to WTO for non compliance.
"Japan has carefully watched the moves of the Indian competent authority concerning this issue (safeguard measures on hot rolled steel), since it initiated the investigation in September 2015, and has submitted government opinion letter, had bilateral consultations, and participated in a public hearing," says a report by Japanese industry ministry MIET on June 9.
"Japan suggested the possible violation of the WTO Agreement of the relevant safeguard measures and requested appropriate determination in the investigation. Japan will continuously make requests to India to ensure consistency of their measures with WTO Agreements," the report adds.
At a time when global steel industry is straddled with excess capacity all around, India has been only major country where consumption is rising and offers a readymade market to park that excess capacity. Any measure to thwart imports like MIP, does not go down well with the rest of the world.
General Awareness
Forbes releases the list America’s top wealth Advisors with 4 Indian based Americans ensures their hot spots
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Forbes comes up with a list of America’s top wealth advisors with 200 members altogether manage USD 675 billion with four Indian-origin persons as a part of the list.
When it comes to services, there are almost as many different approaches as advisors. Some wealth managers provide a do-it-all concierge service, handling everything from estate planning and taxes to paying bills. Others focus more on investments and getting clients into exclusive opportunities like top-performing hedge funds or pre-IPO startups.
- Depending on these factors, Forbes has released the list to top 200 wealth advisors of American enterprises.
- The top three spots were secured by the following wealth managers of the respective companies,
It is noted that Morgan Stanley, Merrill Lynch and UBS secured multiple advisors in the top 20 spots, led by Greenwich,
1 – Conn.-based Jeff Erdmann of Merrill
2 – Manhattan-based Morgan Stanley’s Brian Pfeifler
3 – UBS’ Christopher Errico.
It is noted that the list also includes advisors like
- Ric Edelman, managing $15.5 billion in Fairfax,
- Va., Rod Westmoreland, who handles $3.8 billion out of Atlanta,
- Ga., and Charles Zhang, whose $3.4 billion business in Portage,
- Mich. manages the wealth of executives at Midwestern corporations including Kellogg and Stryker.
Indian Touch:-
Creating a milestone in managing huge assests, Indian managers spot their top spots with big companies as follows,
- Raj Sharma – Merrill Lynch’s Private Banking & Investment Group-17th position
- Ash Chopra – Merrill Lynch’s Private Banking & Investment Group- 129thposition,
- Sonny Kothari – Merrill Lynch Wealth Management – 176th position
- Raju Pathak – Morgan Stanley Wealth Management- 184th
Forbes comes up with a list of America’s top wealth advisors with 200 members altogether manage USD 675 billion with four Indian-origin persons as a part of the list.
When it comes to services, there are almost as many different approaches as advisors. Some wealth managers provide a do-it-all concierge service, handling everything from estate planning and taxes to paying bills. Others focus more on investments and getting clients into exclusive opportunities like top-performing hedge funds or pre-IPO startups.
- Depending on these factors, Forbes has released the list to top 200 wealth advisors of American enterprises.
- The top three spots were secured by the following wealth managers of the respective companies,
It is noted that Morgan Stanley, Merrill Lynch and UBS secured multiple advisors in the top 20 spots, led by Greenwich,
1 – Conn.-based Jeff Erdmann of Merrill
2 – Manhattan-based Morgan Stanley’s Brian Pfeifler
3 – UBS’ Christopher Errico.
2 – Manhattan-based Morgan Stanley’s Brian Pfeifler
3 – UBS’ Christopher Errico.
It is noted that the list also includes advisors like
- Ric Edelman, managing $15.5 billion in Fairfax,
- Va., Rod Westmoreland, who handles $3.8 billion out of Atlanta,
- Ga., and Charles Zhang, whose $3.4 billion business in Portage,
- Mich. manages the wealth of executives at Midwestern corporations including Kellogg and Stryker.
Indian Touch:-
Creating a milestone in managing huge assests, Indian managers spot their top spots with big companies as follows,
- Raj Sharma – Merrill Lynch’s Private Banking & Investment Group-17th position
- Ash Chopra – Merrill Lynch’s Private Banking & Investment Group- 129thposition,
- Sonny Kothari – Merrill Lynch Wealth Management – 176th position
- Raju Pathak – Morgan Stanley Wealth Management- 184th
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